Ascott Group says its third quarter profit jumped 270 percent to S$59 million.For the nine months to September, Ascott’s profit of S$140 million has already surpassed last year’s full-year income of S$42 million.Ascott’s strong performance was boosted by gains from selling 12 of its serviced residences to Ascott Residence Trust and its robust operating performance.
Its acquisitions and managements contracts this quarter will add about 1,100 units to its portfolio to increase its global presence to 17,000 units in 124 properties worldwide.
For the full year, Ascott expects its profits to be higher than last year.
This year’s full year profit will include a portfolio gain of about S$112 million.
Ascott is also expected to benefit from the strong demand for business and leisure accommodation in Europe and the growing economies of Asia.
Source: Channel NewsAsia, 27 October 2006
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